TOKYO - Japan ’s finance minister stopped short of issuing his strongest warning on possible market intervention in comments that fuelled renewed yen weakness after the currency slumped to a fresh 34-year low overnight.
The finance minister’s comments come after the yen set a fresh 34-year low of 154.45 following stronger than expected US retail sales figures. With Mr Suzuki refraining from his maximum threat, the yen weakened to its low for the day. Japanese currency officials are in a tight spot as they head to the United States for meetings with their peers. International agreements call on nations to allow markets to determine exchange rates, though they leave the door open for action if there are excessive movements in the market. Strong verbal interventions or a move into the market would put Japan’s actions in the spotlight.
Japan Finance Minister Market Intervention Yen Weakness Foreign Exchange Markets US Retail Sales
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